CBDT: latest Circulars, Instructions, Notifications, E-Assessment Directory of Legal & Accounting Professionals

The Board is witnessing an increase in tax collection, which usually happens if the country is showing an upward trend in economic growth, the chairman said, adding that “if the economic activities are going high, the purchases and sales will also increase”. Many local companies withheld a lower tax of 5% while remitting the dividend to these foreign shareholders. The practice, questioned by the Income Tax department, was upheld by the Delhi High Court. “Income tax refunds of Rs. 61,252 crore have been issued in 1,96,00,998 cases & corporate tax refunds of Rs. 53,158 crore have been issued in 1,46,871 cases,” the Income Tax Department tweeted.

Resolving day-to-day problems of officers/officials in implementation of the computerisation programme. Changing of headquarters of any officer upto the level of DCIT under intimation to the cadre controlling CCIT. Functions to be performed by the Chief Commissioners including cadre controlling CCITs. Confidential reports of officials working in the region in addition to those working directly under him. Fixation of the sanctioned strength of various cadres in the charge of each CIT and allocation of officers and staff to each CIT/CIT.

CBDT New 20 Guidelines of SOPs for All Directors of Investigation Department

Subscription to websites or platforms or application. Persons responsible for paying any consideration to Indian residents for transfer of VDAs are obliged under Section 194S of the Act to deduct tax at source at 1% with effect from 1 July 2022. These instructions may be brought to the notice of all concerned for necessary compliance. The above may be brought to the notice of all concerned for necessary compliance. All Pr.

We guarantee you of extraordinary assistance at a sensible cost. Member-secretary forwards the receipt of taxpayers’ grievance of High-Pitched Assessment to the chairman and the Local committee members within 3 days of receipt of the grievance. The Central Board of Direct Taxes has issued a circular explaining the guidelines about how TDS will work on crypto, virtual digital assets and NFTs . Read on to know what TDS certificate will be issued and how much tax will be deducted on the sale of VDAs.

I-T dept finds Rs 300-cr unaccounted transactions after raids on Gujarat business group

However, it did not provide any relaxation where an addition has been made in relation to Angel tax in an assessment order before issue of 2019 DPIIT Notification i.e., prior to 19 February 2019. Adhering to the promise of the Finance Minister, the CBDT has taken a proactive measure to clear the air on the outcome of assessment proceedings of start-up companies. While this is a welcome move, the said directions are not applicable in relation to the issues of start-up companies which are pending at the appellate level and assessments have already been conducted by the Tax Authority in past years.

It summarizes the legislative amendments made to the Income-tax Act 1961 and also the various circulars and instructions issued by the CBDT. Through Computer Aided Scrutiny Selection , cases are being selected in two categories viz. Limited Scrutiny & Complete Scrutiny in a centralized manner under CASS-2019.

It said that the department seized a number of documents, digital devices relating to “unaccounted” cash transactions and investments even as “secret and hidden” premises have been unearthed. Central Board of Direct Taxes chairman JB Mohapatra added that the department had been keeping a tab on cryptocurrency transactions since 2017. “Undisclosed assets in the nature of cash and gold jewellery worth more than Rs 24 crore have also been seized,” the Central Board of Direct Taxes said. Under the revamped new tax regime, no tax would be levied for income up to Rs 3 lakh.

IRS officer Nitin Gupta appointed new CBDT chairman

The detailed cbdt comprises of how many members of the headquarters are enumerated in the Chapter on ‘Headquarters Organisation and Functions’. Implementation and maintenance of centralised application software . In accordance with section 92CA of the Income Tax Act, 1961, a reference is made by the AO to DIT for determination of arm’s length price in relation to the international transaction . The transfer price is determine by the TPO in terms of section 92C. The price is determine by the any one of the method stipulated in sub section of section 92 and by applying the most appropriate method referred to in section thereof. The TPO after taking into account all relevant facts and data available to him determines arm’s length price and passes a speaking order after obtaining the approval of DIT transfer pricing.

The Central Board of Direct Taxes and the Central Board of Indirect Taxes and Customs is headed by a Chairman who is also ex-officio Special Secretary to the Government of India. CBDT is responsible in matters relating to the levy and collection of all Direct Taxes whereas those relating to levy and collection of Customs and Central Excise duties and other Indirect Taxes fall within the duties of the CBIC. The CBDT, having considered the concerns of the people, hereby clarifies that section 194N inserted in the Act, is to come into effect from 1st September, 2019. Hence, any cash withdrawal prior to 1st September, 2019 will not be subjected to the TDS under section 194N of the Act. However, since the threshold of Rs. 1 crore is with respect to the previous year, calculation of amount of cash withdrawal for triggering deduction under section 194N of the Act shall be counted from 1st April, 2019.

There are numerous Acts that have been administered by the Department of Revenue. The latest Acts that administered by this department are GST Act, 2017, IGST Act 2017, IGST Act 2017, Union territory good and service tax act 2017, Fugitive Economic offenders Act 2018 and many others. In order to claim exemption, the “start-up company” which fulfils the modified conditions has to merely file a self-declaration stating that the eligible start-up has not invested in non-qualifying assets which shall be transmitted by the DPIIT to the CBDT. • Thus, where the taxpayer wishes to rely on the DCF method, it can now obtain a DCF valuation report only from a Category 1 MB. A valuation report from a practising CA will no longer be a valid compliance for the angel tax provision. This threshold will be applicable for all stations in respect of all applications of non-resident taxpayers either pending as on date or filed hereafter.

Residuary financial powers and budgetary control in respect of the Directorates specified above will vest with the DGIT(Admn.). Handling vigilance and disciplinary matters of the gazetted officers working under his Administrative control. The relevant files are to be put up to the DGIT(Admn.) for appropriate orders through the DIT concerned. Policy regarding discharge of statutory functions of the CBDT and of the Union Government under the various direct tax laws. Various functions and responsibilities of CBDT are distributed amongst Chairman and six Members, with only fundamental issues reserved for collective decision by CBDT. In addition, the Chairman and every Member of CBDT are responsible for exercising supervisory control over definite areas of field offices of Income Tax Department, known as Zones.

• The particulars of any arrangement that exists for consultation with, or representation by, the members of the public in relation to the formation of its policy or implementation thereof.
• The headquarters office of the DGIT would deal with the representations against adverse remarks and submit the relevant file to the DGIT through the DIT concerned.
• • This change comes into force retrospectively from 11 April 2018, being the date on which the 2018 DIPP Notification was issued/published in the official gazette.
• It also ensures that the performance of the vehicles is good.

These functions are performed by the directorates at the all-India level. The apex body of the department is the Central Board of Direct Taxes . CBDT functions as a division of the Ministry of Finance under the Department of Revenue. Its functions include formulation of policies, dealing with natters relating to levy and collection of direct taxes, and supervision of the functioning of the entire Income Tax Department. CBDT also proposes legislative changes in direct tax enactments and changes in rates and structure of taxation in tune with the policies of the Government. The CBDT also extended the benefit of angel tax exemption to start-ups where additions were made in assessment orders passed before 19 February 2019.

CBDT forms dedicated cell for start-ups to redress tax grievances

The primary responsibility in these matters rests with Addl./Joint Commissioner of Income Tax . Addl./Joint Commissioner of Income Tax will, however, report any deficiency in the matter to the CIT. The idea underlying is to ensure that the statistics compiled from these registers reflect a true picture. The Senior or Junior Departmental Representative is expected to present and argue the case of the department independently and to render necessary assistance to the CIT. Transfer and posting of Group ‘A’ officers upto the level of Addl./Joint CIT and all other cadre control functions in relation to Groups ‘B’, ‘C’ and ‘D’ employees.

They are assisted by Joint Secretaries, Directors, Deputy Secretaries, Under Secretaries and ministerial staff for carrying out their day-to-day functions. Mr Gupta is an Indian Revenue Service officer of the 1986 batch of the Income Tax cadre and is currently serving as the Member in CBDT. Post to finish the investigation the adequate precautions must take place via team members and the control room so that there is a surety for all the lady members that they could reach their homes safely.

The https://1investing.in/ obtains reports from the Directors of Income- tax concerned and takes further necessary action including communication of adverse remarks. The DIT concerned will forward two copies of the duly completed annual confidential reports of all the officers working under him to the DGIT , who, after keeping one copy for his record, will pass on the other copy to the Board. He handles the vigilance and disciplinary matters of the gazetted officers working under his administrative control. The relevant files will be put up to the DGIT for appropriate orders through the DIT concerned. He acts as cadre controlling authority in respect of Group ‘B’ officers as also the staff allocated to the above Directorates and his own office. DGIT(Admn.) will keep track of important points arising from inspection reports commented upon by the DIT(I&E).